H.R.694 - Corporate Tax Fairness Act

To amend the Internal Revenue Code of 1986 to prevent the avoidance by corporations of tax on foreign income. view all titles (2)

All Bill Titles

  • Official: To amend the Internal Revenue Code of 1986 to prevent the avoidance by corporations of tax on foreign income. as introduced.
  • Short: Corporate Tax Fairness Act as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
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02/14/13
 
 
 
 
 
 
 

Official Summary

Corporate Tax Fairness Act - Amends the Internal Revenue Code, with respect to the taxation of the foreign-source income of domestic corporations, to: (1) eliminate the deferral of tax on the foreign-source income of U.S. corporations for taxable years beginning after December 31, 2013, (2)

Official Summary

Corporate Tax Fairness Act - Amends the Internal Revenue Code, with respect to the taxation of the foreign-source income of domestic corporations, to:
(1) eliminate the deferral of tax on the foreign-source income of U.S. corporations for taxable years beginning after December 31, 2013,
(2) deny the foreign tax credit to large integrated oil companies that are dual capacity taxpayers,
(3) limit the offset of the foreign tax credit to income that is subject to U.S. tax, and
(4) treat foreign corporations managed and controlled in the United States as domestic corporations for U.S. tax purposes.

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